Real Estate Roundup: Self-Storage Transactions May 2016
“This group of properties, which had a combined physical occupancy at the time of the sale of approximately 87 percent, gives the new owner the opportunity to enjoy substantial cash-on-cash returns and the ability to add value,” said Michael A. Mele, senior vice president of investments in the Marcus & Millichap Tampa, Fla., office and senior director of the firm’s National Self Storage Group. Mele and Luke Elliott, a senior associate also in the firm's Tampa office, represented the buyer and seller in the transaction.
Marcus & Millichap Arranges the Sale of a 29,375-Square Foot Self-Storage Facility
RICHMOND, VA - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Dominion Mini Storage, a 29,375-square foot self-storage facility located in Richmond, Virginia, according to Bryn D. Merrey, regional manager of the firm's Washington, D.C. office.
Marcus & Millichap Brokers Sale of Five Southeast Self-Storage Facilities
TAMPA, Fla. – Marcus & Millichap (NYSE: MMI( has arranged the sale of a five-property, 2,725-unit self-storage portfolio in the Southeast.
Strategic Storage Trust II Buys Storage West Self-Storage Facility in Port St. Lucie, FL
Strategic Storage Trust II Inc. (SST II), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has purchased Storage West in Port St. Lucie, Fla. The property at 525 S.W. South Macedo Boulevard is in the Miami-Fort Lauderdale-West Palm Beach Metropolitan Statistical Area. The four-building facility sits on 3.56 acres and comprises 53,100 rentable square feet of storage space in 530 units. Built in 1999, it includes drive-up and climate-controlled storage as well as RV parking.
Marcus & Millichap Brokers Sale of Five Self-Storage Facilities in Oklahoma
TULSA, Okla. – Marcus & Millichap (NYSE: MMI) has arranged the sale of a 1,876-unit Storage Station portfolio made up of five self-storage properties located in Tulsa, the second largest city in Oklahoma.